The latest results – which returned some “spectacular” widths of up to 70m – increased the channel length drilled to date from 850m to 7km, and Image executive director – exploration George Sakalidis told MiningNews.net it was likely that length would improve again.
“The ground magnetics suggests this is something much bigger,” he said.
The 7km length determined to date has been returned over a portion of some 20km of prospective ground identified by ground magnetics.
Image said the latest results included “spectacular thicknesses” of mineralisation between 24m and 70m, with several holes ending in mineralisation.
While lab assays for the latest results are still outstanding, visual estimates from panning of the drill results indicated grades of 1-2% heavy minerals, with estimated highs of up to 10%.
“In the past, in the channel area in the south eastern part of Cooljarloo, visual panning has underestimated the laboratory results by an average of about 50%,” Image said.
“These visual results are thought to be of such significance (because the company’s experience strongly suggests that there will be a significant uplift in the assayed values when returned) that the company believes it is compelled, by force of the statutory continuous disclosure regime, to release them without waiting (as might expected to be normal) for assay results.”
Sakilidis would not be drawn on when a resource estimate would be calculated over the project, but would only say it was “potentially a world-class deposit”
The project sits just 3km northwest of Tiwest’s Cooljarloo mine, which is one of the world’s largest mineral sands operations.
Image shares had added 22c to sit at $1.40 in morning trade. Up until late September, Images shares were regularly trading around the 50c per share mark.
